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Avoid Runaway Costs During Home Renovation

Aug 18, 2007
Before going in for home renovation, you need to make a budget for the project and plan out the work meticulously. However, it has been observed that more often than not, projected costs just go haywire and you have to arrange for more finance than what you had planned for initially. Its interesting to study the various causes of the budget going astray and the solutions for the same.

Proper Planning Can Avoid Runaway Costs

A simple example will illustrate the point. A part of your home renovation project might be the replacement of a window. You would naturally have found out the cost of a window and included it in your budget along with the labor cost for replacing it. However, when the actual work takes place, you might find that in order to fix the standard size window that you have bought, youll need to make a large number of alterations to the exterior siding since the earlier window was of a non-standard size. Moreover, you would need to replace and paint the exterior and interior trims. The cascading effect of this would go further as the newly painted trim would not match with the balance trim in the room. So you would need to paint them as well. You can well imagine how the cost will escalate with all this extra work. So, what started with merely replacing a window could go on to become a renovation job that make expenses touch the roof.

The solution to this problem would probably have been to anticipate the extra charge and go in for a custom made window that would have eliminated the need for changing the opening or painting the trims. There is no doubt that the non standard size window would have cost more but that could have been incorporated in the budget of home renovation.

Another solution to such wayward cost trends is to estimate the impact of the project on other areas of the home where home renovation is not being planned. You might not have anticipated that some of your renovation work might necessitate alterations to the structure, which might be a costly affair, especially when the structural changes also entail making changes to the plumbing, wiring and ductwork.

Dont Be Led By Wayward Desires

You might be tempted to plan and execute home renovation work as per your idiosyncrasies without thinking about the future impact of your decision. You can certainly do what you want, like constructing a swimming pool in the backyard of your home. Apart from being expensive to clean and maintain, a swimming pool is not what home buyers are looking for. As such, the money that you would be spending on the swimming pool would not enhance the value of your property one bit. Moreover, over expanding on your home normally does not enable you to recover the full extent of your investment.
Look before you leap is the advice to anyone going in for home renovation.
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